Rand marking time ahead of German data

The rand was marking time in early trade on Tuesday‚ ahead of key German inflation and gross domestic product (GDP) data due later in the morning.

The German December consumer price index was due at 9am South African time and the annual GDP is due at 10am.

“The euro is range-bound ahead of the German data‚ so the rand is marking time at the moment‚” a local foreign exchange trader said.

At 8.48am‚ the rand was bid at R8.7140 to the US dollar from R8.7008 at Monday’s close and R8.7413 at Friday’s close. The local currency was bid at R11.6415 to the euro from its previous close of R11.6393 and at R14.0004 against sterling from R13.9827 before.

The euro was bid at $1.3362 from Monday’s close of $1.3376 and Friday’s close of $1.3352. - I-Net Bridge

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